Oyetola Reaffirms Commitment to CVFF Disbursement, Boosts Indigenous Shipping Capacity
Oyetola Reaffirms Commitment to CVFF Disbursement, Boosts Indigenous Shipping Capacity
The Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, has reassured Nigerian shipowners of the Federal Government’s determination to strengthen indigenous shipping capacity, pledging sustained support and promising the disbursement of the Cabotage Vessel Financing Fund (CVFF) to qualified applicants.
Speaking at the Third Quarter 2026 Citizens’ and Stakeholders’ Engagement of the ministry in Victoria Island, Lagos, Oyetola emphasized the administration’s resolve to fully implement the Coastal and Inland Shipping (Cabotage) Act, ensuring Nigerians play a leading role in domestic maritime trade.
“To our indigenous shipowners, I wish to reaffirm this Administration’s commitment to the development of indigenous shipping capacity and the effective implementation of the Cabotage Act,” he stated.
The minister directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to collaborate with approved Primary Lending Institutions to accelerate the processing and release of funds.
Beyond vessel acquisition, the CVFF will support shipbuilding, marine engineering, vessel maintenance, and maritime logistics. Oyetola stressed the importance of professional training, local expertise development, and strategic investment to build a competitive domestic maritime industry.
He noted that effective deployment of the CVFF is expected to strengthen Nigeria’s fleet, stimulate investment, and expand indigenous participation in the maritime value chain.
Oyetola underscored that developing indigenous shipping capacity is central to the government’s broader objective of ensuring Nigerians derive greater economic benefits from maritime resources.
The event also featured a presentation by Jens Ole Bach Hansen, Ambassador of the Kingdom of Denmark to Nigeria, who shared insights on Denmark’s experience in building a sustainable blue economy, highlighting opportunities for partnerships, investment, and technology transfer.
